Ledger accoounts

Others 348 views 17 replies

Thank u for ur quick response sourav 

Knowledge sharing makes life easy 

Replies (17)

Thank u for ur quick response sourav 

Knowledge sharing makes life easy 

I was trying to understand composition scheme in gst 

the trader cannt claim ITC and cannt charge gst for outward supplies beside that he need to pay gst fixed tax rate for his turnover 

how does trader benefit in this 

In simple sense, if trader don't want to go into much of the complications of GST (Just as regular dealer) he can opt for composition scheme, if it's within the limit of turnover, but it also comes with limitation, like no inter state sale, can't sale through e-commerce operators like amazon, flipkart etc. but lower tax rates, and suitable for small taxpayers...Govt provides credit in GST but it comes with lods of compliance in form of return filing (Now under QRMP it's less but based on turnover), it depends on cost benefit analysis and market factors...(If traders, buyer is regd dealer then there is a less chances to go for composition because he will not get any input credit ).


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register